U.S. retail petrol prices soared to a new record on Tuesday, breaking a record set in March, as global refineries faced a crisis that pushed up prices ahead of the summer as car travel increased.
The American Automobile Association’s average retail price per gallon was $ 4,374 at the start of Tuesday, breaking the previous record of $ 4,331.
Since March 30, Brent crude futures have lost 7 percent, but petrol futures are up 9.4 percent, hitting a record high of $ 3,7590 a gallon before being sold on Monday.
Refinery closures have pushed up fuel prices due to pre-planned maintenance and unrest, although the United States and other countries have taken steps to increase crude supplies around the world.
Global fuel stocks are declining as demand returns to pre-epidemic levels. Distribution tightened in the wake of the invasion of Ukraine and sanctions on Russia by the United States and its allies. The world has lost 1 million barrels of purification capacity and 1.5 million barrels of oil supply from the epidemic, according to estimates released by Sincillar Corporation CEO Mike Jennings on Monday. “That’s 2.5 percent of global consumption,” Jennings said. “That’s a big number.”
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